Why is chocolate more expensive in 2024? It’s a complicated story
As rising cocoa prices leave a bitter taste in the mouths of chocolate makers, consumers aren’t backing off from their favourite treat.
"Everythings so expensive," has become a common refrain over the past few years of price increases that are, dare we say it, unprecedented. So, with the costs of everything from brown rice to real estate rising, you may not have noticed a particular price hike in the confectionary aisle. Economists with an interest in agriculture and food production certainly have, and so have chocolate producers.
Understandably, it's big news that cocoa prices are now around 65% higher than they were just a year ago, reports CoBank, a provider of credit to US farmers and other rural borrowers. Then again, it may not have escaped your notice: the news made mainstream finance media as Bloomberg reported that cocoa prices had more than doubled in the 12 months before the articles publication in April 2024.
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